Budgeting is the foundation of every financial plan of operation. A sound budget comes from understanding how much money you have, where it goes, and then planning how to best allocate those funds for a company. A financial budget is a financial plan that is structured to note projections on incomes and expenses on both a long and short term basis. Budgets incorporate budgeting strategies for a period of at least one year, although in some case organizations may prepare a budget to cover from anywhere to two to five years at a time. (Tatum, 2012) There are numerous reasons that a budget is important.
* Controlling- monitoring and reviewing that objectives set are being fulfilled while comparing documented data that helps recognize weak areas that may not be performing at a high level of effectiveness. * Organizing and Directing- The utilization of resources to achieve effective outcomes within the set objectives that has be incorporated. Directing is the day-to-day objectives performed by the manager for the overall benefit of providing leadership and utilizing available resources for all tasks to accomplish efficiency within the structure. * Decision-making- informed decisions that may come from studying and analyzing and evaluating information for the purpose of growth and progression
2.0 points) ~Three long-term financial goals I have are to be able to pay for college, buy a house, and open a tattoo shop. Some steps I could take to achieve the goal of paying for college is to choose an in-state college to go and get as many scholarships I can to cover the costs of some other things. To buy a home I could ask for a loan from the bank and slowly pay of the debt over time. I could do the same thing for starting a tattoo shop. 4.
Grant proposals are part of the program planning. To have success in anything there has to be a plan. The program planning is the idea and how the program will be implemented and, “the grant proposal is then the agency’s plan of intervention that follows the argument,” (Yuen, 2003, pg.14). Program planning makes the program belief into a working hypothesis. Grant proposals put the needs and services that the program addresses.
Unit LD 302 Support person-centred thinking and planning 1.1 - Explain what person-centred thinking is, and how it relates to person-centred reviews and person-centred planning. Person centred thinking is a set of values, skills and tools that can be used in person centred planning. It is the foundation in doing the plan to make it works. A person must have a set values or a thought that the centre of the plan is the owner of the plan and everything in it is for its benefits. 1.2 - Explain the benefits of using person-centred thinking with individuals.
Specific roles will have to be given to individual team members and allocate resources that help goals to be achieved. Afterwards we will need to identify sales target and reporting procedures and expected outcomes. Lastly we will need to let them know the actions they will need to take and how their actions will impact the work of other team members. Performance against the the organization’s quality and delivery standards will involve collecting data that relates to the actual performances of employees and mapping it against the expected performance. It is then possible to determine the extent to which actual performance meets intended performances.
BSBFIM501A - Manage budgets and financial plans Written / Oral Questions 1. Why do organisations need accurate and timely financial information? What information is required to manage the organisation’s finances? Who is usually responsible for an organisation’s financial management? -Financial management ensures that a business is monitoring their finances.
• Note that adequate supporting documentation is attached. • Note turnaround time. 3. Other a. Selecting vendors from the expense test, complete the following steps: • Agree stated payment terms and vendor information to vendor master.
What is the link between resource acquisition and quality outputs? High quality inputs with constant monitoring and controls equals high quality outputs. By having a sound action plan, the necessary processes for a smooth running project can be developed. This involves agreeing on expectations, budgets, suppliers and skilled staff with appropriate training to name a few. 4.
It is very important to involve the SMEs in the cost planning also to get the accurate estimate for the cost. After the budget is planned it is critical to monitor and control the project’s cost. Earned value analysis helps monitoring the project cost. Monitoring the project cost against the actual cost provides the project manager how to handle the rest of the project. The sooner the issues have been caught the sooner it has been taken care.